NY to add $3B windfall to state budget

New York is poised to collect nearly $3.3 billion from a recent settlement with France’s largest bank for violating U.S. trade sanctions and conducting dollar transactions for clients in Sudan, Iran and Cuba.

The Cuomo administration plans to add it to the state budget to keep spending down.

The $8.9 billion settlement by BNP Paribas acknowledges $190 billion in transactions through the bank’s New York office and other branches while hiding client identities over a decade.

The bank has pleaded guilty to New York criminal charges of falsifying business records and conspiracy and faces a federal charge.

New York’s civil penalty, due July 30, is $2.24 billion, with another $1.05 billion expected from reparations paid to the Manhattan district attorney.